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Retailers Sound Alarm on Organized Theft as States Warn of Rise
- California, Illiniois have stepped up anti-shoplifting efforts
- Best Buy warning follows incidents of mobs pillaging stores
A “Store closing” sign outside a Walgreens after theft rates spiked in San Francisco.
Photographer: Justin Sullivan/Getty Images
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Retailers say shoplifting is getting more brazen in the U.S.: A California Nordstrom store was recently hit by a flash mob of more than 80 people who made off with designer goods, while more than a dozen people pilfered from a Louis Vuitton location in a suburb of Chicago.
On Tuesday, the impact of shoplifting reached Wall Street, with Best Buy Co. shares plunging after the electronics retailer said widespread theft contributed to a decrease in one gauge of profitability. Last month, Walgreens said it would close five San Francisco stores after theft rates there spiked.